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Standard and Poors Upgrades Outlook On IKON after Positive Earnings

Press release from the issuing company

VALLEY FORGE, Pa.--July 29, 2002--IKON Office Solutions announced today that Standard & Poor's (S & P) has affirmed its BBB- ratings and revised its outlook on IKON and its related entities from negative to stable. "We are pleased with our improved outlook from S & P. This is another positive step for IKON as we continue to implement revenue, operational, and financing strategies that bring enhanced value to the organization and to our shareholders," said James J. Forese, Chairman and CEO of IKON. "With a debt to capital ratio of 29% at the end of June 2002, conservatively leveraged captive leasing operations, and an infrastructure that continues to benefit from ongoing investments in centralization and standardized processes, IKON is clearly a stronger company today."